Answer:
1. Market Equilibrium, 2. Interest Rate, 3. Rationing, 4. Supply Shock, 5. Excess Supply, 6. Excess Demand, 7. Price Floor
Explanation:
1. The point at which quantity demanded and quantity supplied are equal: <u>Market Equilibrium </u>
2. The financial and opportunity costs consumers pay in searching for a good or service : <u>Interest Rate </u>
3. A system of allocating scarce goods and services by criteria other than price: <u>Rationing </u>
4. A sudden drop in the supply of a good: <u>Supply (decrease - leftward shift) shock </u>
5. Any situation in which quantity supplied exceeds quantity demanded: <u>Excess Supply </u>
6. Any situation in which quantity demanded exceeds quantity supplied: <u>Excess Demand </u>
7. A government-mandated minimum price that must be paid for a good or service: <u>Price Floor (Minimum Support Price)</u>
Answer:
U.S. dollars = 14.012 U.S. dollars
Explanation:
Below is the exchange rate:
0.92777 Canadian dollars = 1 U.S dollars
Thus to find the amount of U.S. dollars bought from the 13 Canadian dollars, just divide the 13 Canadian dollars from 0.92777. Therefore the resulting answer will be the U.S. dollars.
U.S. dollars = 13 / 0.92777
U.S. dollars = 14.012 U.S. dollars
Answer:
Economic models often vary greatly in assumptions and simplifications.
Explanation:
Most models in Classical Economics are based on a lot of generalizations and simplifications, that intend to model the behavior of the situations of the real world but often fail to encompass all the intricacies and complications that even most straightforward situations present. These simplifications help the Economists figure out the mathematical laws that are governing the real world economic systems. Therefore making the economic modeling a simpler process.
Classic economics implies three basic assumptions:
1- People behave rationally in any situation.
2- Firms and individual want to maximize profit and utility
3- People act independently based on available information.
Answer:
The correct answer is letter "A": True.
Explanation:
Digitizing photographs complicated printing since it pushed printers' manufacturers to invest more in their development teams to create high-quality image printing devices. This was originated as a result of the spread of the paste-up process which allowed individuals to attach almost any image to their documents for printing purposes.
Answer:
Realized loss = $5000
Explanation:
The adjusted basis is the net cost of an asset after it has had depreciation deductions and/or capital expenditure increments. In other words, its actual worth at that particular point in time.
The amount realized is the fair market value and the sum of any money received at the sale of an asset.
A realized gain or loss is the difference between the amount realized from the sale of the asset and the asset's adjusted basis on the time of its sale. A positive figure proves to be a gain and a negative figure proves to be a loss. In other words, when an asset is sold for a price higher than what it is actually worth at the time of sale, it is a realized gain whilst if it is sold for a price lower than what its net cost is, it is a realized loss.
In this case,
$50,000 - $55,000 = $(5000)
There is a realized loss for Andrea of $5000 on the sale of this machinery.
